Carnival Corp. Expects Full Fleet Back in Service in Spring 2022

Carnival Corp. & plc posted an adjusted net loss of $2 billion for the fourth quarter of 2021, but CEO Arnold Donald said 61 percent of the fleet was operating as of Nov. 30 and the full fleet was expected back by spring 2022.

“Since resuming guest cruise operations, we have established effective protocols for COVID-19 and its variants and have returned 65,000 team members and 50 ships, all while delivering an exceptional guest experience to over 1.2 million guests and counting,” Donald said. “Our cash from operations turned positive in the month of November, and we expect consistently positive cash flow beginning in the second quarter of 2022 as additional ships resume guest cruise operations. We enter the year with $9.4 billion of liquidity, essentially the same liquidity level as last year but with significantly improved cash flow generation ahead, as ship operating cash flow and customer deposits continue to build. During 2021, we believe we have clearly maximized our return to service and strengthened our financial position to withstand potential volatility on our path to profitability.”

Customer deposits increased $360 million in the fourth quarter, marking the third consecutive quarter the company has seen an increase in customer deposits.

Occupancy in the fourth quarter of 2021 was 58 percent, an improvement over the 54 percent in the third quarter.

“With over 60 percent of our capacity now in operation and the remainder planned by spring, we are well-positioned for our seasonally strong summer period,” Donald said. “Booking volumes continue to build for the remainder of 2022 and well into 2023 and we are achieving those early bookings with strong demand and pricing.”